Buying A Home
meg_2006
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
FHA loans and appliances
DH and I are looking into a house we like but needs some work done. So we're thinking about applying for an FHA loan. The house doesn't come with any appliances- stove, refrigerator, washer/dryer. Does an FHA loan require any certain appliances? And if it does, can we add the cost of buying the appliance onto the loan?
We already have a washer/dryer, so that's no concern. But we do need a fridge, oven, and dehumidifier (if that counts)...and don't really have the money right now to buy them ourselves.
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Re: FHA loans and appliances
I am pretty sure they require just a working stove but I could be wrong.
No, No, and to answer the last one no.
If your house requires some work, and you apply for an FHA loan, the house has to appraise for no less than the loan amount. You can not use the load to buy applianced at all. I've gone through this exact process just wrapping up on Monday. If the house appraises for less than the loan amount you will have to cover the costs of the difference or not buy the home and be out the honest money you put forward.
We actually rolled our closing costs into our FHA loan by taking a 4.25 interest rate giving us $4000 in credit. Now we have 6 thousand to buy new appliances. But you can't use that $4000 to get cash to buy appliances. I hope this makes sense.
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